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Category: Audits

What Are the IRS’ “Listed Transactions?”

Through its rulemaking authority, the Internal Revenue Service (IRS) has identified several types of transactions as “listed transactions.” As the IRS explains, a listed transaction is any transaction that is, “the same as, or substantially similar to, one that the IRS has determined to be a tax avoidance transaction and […]


IRS: Accounting error in your favor?

Learning that the IRS is going to audit you or your business can be incredibly stressful. You may be worried about the time or expense it will take to prepare for the audit or nervous that it will reveal mistakes or misconduct and trigger harsh penalties. However, not all audits […]


Top three triggers for an IRS audit

There are many potential red flags on your tax return. Most of us know that the Earned Income Tax Credit is something that can provoke an audit. We’ve also talked about lifestyle triggers; buying or writing off luxury items such as sports cars and first-class international airfare when your income […]